Starting an online business that pays might just be your way out of the trenches this year. Whether you are currently engaged in a job or not, everybody can enjoy some extra income at a time like this in Nigeria.
Here are the Top 6 Online Business That Pays in Nigeria
- Managing Social Media for Brands
- Cryptocurrency – Ever heard of crypto jobs?
- Affiliate Marketing
- Vlogging
- Influencer Marketing
- Affiliate Marketing
The value of the naira has depreciated so much that if you had N200,000 in 2016, you were richer than someone who has 500,000 this year.
The Tribune reported in 2021 that the naira had depreciated 209% in six years. So, an online business that pays well can complement your current income, if you have one already. The best part is that some of these businesses pay in foreign currency.
There are tons of online business ideas, but not all are lucrative. Some are just a complete waste of time. So, how do you identify an online business that pays?
Defining an online business that pays?
An online business that pays is any online business you can invest time and/or capital in with a great return on investment over time.
Here are some online businesses that pay that you should consider in 2022:
Social media is now an integral part of our lives. It’s the go-to place for all sorts of educational and entertaining content. From professional platforms such as Linkedin to the digital photo album, Instagram, you will find everything you want on social media these days. But how do all of these make it an online business that pays?
Since most people now spend a lot of time on social media, it has become a crucial marketing tool for businesses. When you consider that more than 53% of the world population currently uses social media, you get why businesses would want to harness it to sell their products and services. And this is where you come in as a social media manager.
Small, medium, and big businesses need people to help them manage their social media pages to engage their audience and ultimately generate sales.
As a social media manager, your responsibilities will include:
- Coming up with creative and engaging social media content strategies
- Posting regularly on social media platforms, including Instagram, Twitter, Facebook and the rest
- Establishing relationships with influencers in the industry
- Engaging with comments and replies under social media posts to further drive engagements
- Sometimes, design fliers and posters to compliment your posts using tools like Canva, Crello, among others
- Using analytic tools, monitor content performance across social media platforms and make adjustments when necessary
Jumping on Instagram to laugh at the latest skit by your favourite skit maker is easy; anybody can do that. But managing a business’s presence on the same Instagram is not a child’s play.
It requires learning, consistency and continuous improvement. So, to join the league of people making money from this online business that pays, here are a few steps to get started:
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Take a digital marketing course
Take some time out for a course in digital marketing. Digital marketing encompasses all forms of online marketing so start here to get a general idea of how marketing on the internet works.
You should follow this up with a social media marketing course. So, consider the digital marketing course your BSc and social media marketing course your masters.
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Build your portfolio
Now that you have the knowledge, you are good to go. Well, there is still a small matter of portfolio. Businesses, especially the medium and big ones, won’t trust you with their business page except they can see what you have done before.
But how do you build a portfolio when no one will hire you? That’s where your friend, sister, uncle, or relative’s business comes in.
You know at least one person who uses social media to manage their business. You can offer to help these people manage their business for a token just to build your portfolio.
But what if the business owner in your corner doesn’t use social media for their business? Then that’s even better. You can convince them to allow you to set up and manage their social media page. This allows you to build from scratch and have a stronger portfolio.
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Publicise yourself
Let everyone know what you do or can do. Using the same social media, blow your own trumpet by constantly talking about your field and all that relate to it. Start with close family and friends on WhatsApp, then take it further to Twitter, LinkedIn, Instagram, etc.
This makes you the top of mind option to these people whenever they hear of any opportunity on social media.
The social media algorithm changes very fast, and you need to keep learning, unlearning and relearning to stay on top of the game. So, continue to improve yourself by following influential people within your space, reading blogs and articles, listening to podcasts – just keep learning.
2. Cryptocurrency
Warning: This is a high-risk business and should be approached with caution. Nothing you read here is financial advice. DYOR, WAGMI!
High-risk, high reward, yeah? Cryptocurrency is another online business that pays well now and will continue to pay for long. A 2021 report by Chainanalysis indicates that Nigeria is the 6th country with the highest cryptocurrency adoption with an index score of 0.26, behind Kenya, which has a 0.28 index score.
This indicates that Nigerians, and indeed Africans, are embracing the digital currency at a fast pace, providing both business and investment opportunities for those who are smart and, of course, have the funds.
What is even more exciting about it is that there are different ways to make money from cryptocurrency.
How to make money from cryptocurrency
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Capital Appreciation
The simplest way to make money from crypto is to buy any crypto coin of your choice when you believe the price is low and sell when the price rises. This seemingly straightforward process becomes complex when the price continues to depreciate rather than appreciate after your investment. In most cases, though, the price will eventually rise again later in the future, provided you will be patient.
Deciding on what coin to invest in and the right time to buy the coin requires you to DYOR (do your own research) (Learn more cryptocurrency terms and meaning here).
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Staking
Another way to turn cryptocurrency into an online business that pays you well is staking. To do this, you have to first buy a coin that allows staking and hold such coin in a live wallet to make additional coins (could be the same coin or another coin) as a reward for securing and taking part in that particular crypto network.
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Futures and options
Futures and options have been popular in Nigeria long before crypto became widely known, just that it was known by another name – forex trading. This is the riskiest part of crypto trading because it can make you lots of money in minutes, and you can get liquidated (lose all your money) within the same time.
This guide will help you take calculated risks in forex trading
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Yield farming
Also known as liquidity harvesting, yield farming allows you to lend out crypto assets to generate rewards. This one is a way of making passive income from your crypto assets.
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Crypto jobs
New crypto assets are launched almost daily. Make no mistake, many of them are scams that would eventually rug-pull. Nevertheless, there are a whole lot of legit crypto projects being launched regularly. There is always a new project in the crypto space, from crypto solutions that allow people to store and transact with their crypto coins to new protocols with new coins that people can buy.
These projects are not going to execute themselves. They would need all the help they can get in various capacities, including development, design, sales, marketing, support, etc. No wonder there was a 400% increase in crypto job ads in 2021. And as Nigeria is a major player in the crypto space, there is high demand for talents from this part of the world. This opens another opportunity to make money through cryptocurrency.
Some of the websites you can be sure to find crypto-related jobs include: CryptoJobsList with over 6100 listed jobs from about 2000 companies, Crypto.jobs, AngelList, Crypto Recruit, among others.
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ICOs and IDOs
Just like what we have with IPO (Initial Public Offering), ICO (Initial Coin Offering) or IDO (Initial DEX Offering) allow crypto projects to raise funds by offering their coins to early investors before they are listed on exchanges. It’s a win-win situation as the project developers get funds for their project while the investors make a quick profit as soon as the coin is listed on either decentralised or centralised exchanges.
3. Affiliate marketing
No doubt some people may have corrupted the term affiliate marketing with how they try to force it down people’s throats these days. But this does not change the fact that it’s an online business that pays really well in 2022.
Basically, affiliate marketing involves selling others’ products for a commission. In other words, you can run an online store without spending a dime on products. All you have to do is liaise with the product owner and advertise using social media or any other digital channel. And when orders come in, you channel them to the product owner to fulfil, and you get your credit alert. A pretty straightforward way to make money if you ask me.
Of course, you will still have to put in the work, especially promoting the product so the orders can come.
Affiliate programs are typically free to join, so you should be wary of those that ask you to bring some money to sell affiliate products. You don’t even get to see or touch the product in most cases, so what exactly are you paying for?
How to become an affiliate marketer
Here are the various steps you should take to become an affiliate marketer, a successful one:
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Choose your method and platform
There are several ways and numerous platforms to sell as an affiliate marketer. You should know from the start which you want to focus on.
Do you want to promote products through reviews and blog posts? Or you would rather just set up an online store and sell to customers with your commission added?
Know your strengths and weaknesses from the start, and let that inspire your choice of strategy and platform.
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Know your audience and niche
What are you passionate about? Trust me, passion matters. If you love fashion so much, you shouldn’t focus your affiliate program on beverages.
Also, who is your target audience? What is their age range, gender, location and preferred social media platform? Find a way to marry your passion with the interests of your target audience, and you are off to a good start.
Get answers to all your affiliate marketing questions
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Choose products
Having properly defined your niche and audience, choosing the product they want is the next. Fashion products are really a thing now; you may want to consider that if your audience is young. Or you could consider selling digital products. All of these will depend on your niche, audience and choice of platform.
4. Vlogging
Vlogging is blogging in video form. It’s using video to share content and stories you are passionate about and build an audience.
Before now, to start a TV show in Nigeria, you will need to be a trained broadcaster with years of experience and may even need to know someone who knows someone. But the digital age has decentralised video content creation and distribution and has rendered the gatekeepers useless. Today, with a Youtube channel, you can host your own TV show and turn it into an online business that pays directly to your account periodically.
How to become a Vlogger
- Choose a niche
- Know your audience
- Consistently create valuable content
- Start with your phone camera, and improve on video quality as you grow
- Try to be unique (be yourself, everyone else is taken)
- Collaborate
5. Influencer marketing
An average person would buy something because someone they admire uses the same product. This is why influencer marketing is an online business that pays all parties involved.
Before now, movie and music stars were the only people that qualified to be considered influencers and, as a result, get all the endorsement deals. But in this age of social media, you can be an influencer and make money from businesses if you so desire.
But does that make influencer marketing an easy endeavour? Of course not. Like every other online business that pays, it does require some work from you.
How to become an influencer
- Choose your niche
- Optimise your social media page(s)
- Know your audience
- Consistently post relevant content
- Engage with your audience
- Regularly leave a call to action for brands to know you are open to collaborations
- Reach out to brands with ideas when necessary
In conclusion
An online business that pays is not the same as an online business that pays INSTANTLY. As with every business, you must devote time and other resources to these online business that pays to ensure that you have the right online strategy, online marketing, influencers, and a host of online marketing and sales revenue generator possible.
There are no shortcuts to success anywhere, not even online.
Are you ready to start an online business in Nigeria? See how you can begin here
BONUS
Affiliate Marketing in Nigeria – How To Get Started
Affiliate Marketing For Bloggers | ExpertsNG
Small Business Ideas In Nigeria
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Quick Summary
Prefer the short version? Here is a concise recap of the key ideas in this article.
Roles of a social media manager As a social media manager, your responsibilities will include: Coming up with creative and engaging social media content strategies Posting regularly on social media platforms, including Instagram, Twitter, Facebook and the rest Establishing relationships with influencers in the industry Engaging with comments and replies under social media posts to further drive engagements Sometimes, design fliers and posters to compliment your posts using tools like Canva, Crello, among others Using analytic tools, monitor content performance across social media platforms and make adjustments when necessary How to become a social media manager Jumping on Instagram to.
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